Canopy Realtor® Association Market Updates

Reprinted from December 2021 CRRA Monthly Indicators

The 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic.

New Listings were down in the Charlotte region by 0.7 percent to 3,462. Pending Sales increased 8.3 percent to 3,897. Inventory shrank 40.3 percent to 3,041.

Prices moved higher as Median Sales Price was up 20.0 percent to $350,000. Months Supply of Homes for Sale was down 45.5 percent to 0.6, indicating that demand increased relative to supply.

Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.

A Closer Look